W4s -- One Deduction, Two Deductions, Three Deductions...More?

Discussion in 'Teacher Time Out' started by Pisces_Fish, May 9, 2008.

  1. Pisces_Fish

    Pisces_Fish Fanatic

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    May 9, 2008

    I know nothing about taxes. I admit that I rarely peek at my paycheck to see what taxes were taken out (too painful!) The only time I give taxes a second thought is when I bring my papers to HR Block and let them deal with it :)

    When hired on to my past jobs, I've given little thought to filling out the W4 form. But after signing the contract for my first "real" job the other day, I'm nervous about it.

    Contrary to the title of this post, I know I can only choose 1 or 0 deductions (right? LOL :eek:) because I am single with no kids. I put 0 deductions, since I figured they will take out at LEAST enough tax for each check, leaving me with a refund at the end of the year. But now I'm second-guessing myself because I'm wondering if there'll be any money left to pay bills! I don't like the idea of owing taxes. I've always gotten money back at the end of the year.

    I know this is the kind of thing that only I can figure out myself, but if anyone has advice I'd sleep better :)
     
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  3. smalltowngal

    smalltowngal Multitudinous

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    May 9, 2008

    If you choose 0, they take out more from your check but you end up getting more back when you do your taxes. If you choose 1, less money is taken out each check, but you get less back at tax time.
     
  4. Turtle321

    Turtle321 Companion

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    May 9, 2008

    Also, you are giving the government an interest-free loan when you have too much taxes withheld. The smarter move would be to get as much as you can in your paycheck each pay period and don't worry about getting any money back at tax time. Use YOUR own money now to survive.
     
  5. Pisces_Fish

    Pisces_Fish Fanatic

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    May 10, 2008

    You're right about giving the government an interest free loan. I don't like that at all. I've been leaning towards changing my deductions from 1 to 0, and now I'm convinced. Thanks!
     
  6. Superteacher81

    Superteacher81 Comrade

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    May 10, 2008

    I've always put 1 and have enough to pay bills and still get a decent amount back at tax time!
     
  7. sue35

    sue35 Habitué

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    May 10, 2008

    I think I can beat you and tax stupidity pisces_fish. I don't even know if I checked 1 or 0!! And I am too embarassed to ask because that is pathetic
     

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